UK companies help bring new hospitals, clean energy, and transportation to developing countries following record levels of UK Export Finance backing
UK Export Finance (UKEF) provided over £2.4 billion of financial support to sustainable projects in 2020 helping UK businesses to build new hospitals, bring clean energy and develop critical infrastructure in developing countries, according to new data.
At the outbreak of the pandemic it was unclear how many projects, critical to the wellbeing to billions of people across the world, would continue to be financed. UKEF helped to fill this gap and ensure credit continued to flow to this vital infrastructure, while also creating opportunities for UK exporters.
An independent assessment of national export credit agencies released by Trade & Export Finance Limited (TXF) showed the UK provided the second most export credit support for sustainable projects in 2020. Sustainable and green projects are defined by TXF in 16 categories, including renewable energy, biodiversity conservation, affordable housing and food security.
The projects UKEF backed in 2020 include:
Minister for Exports, Graham Stuart MP, said:
UKEF’s support for sustainable projects also aligns with new measures the department has put in place to enhance its support for clean energy, with £2 billion of direct lending dedicated to financing clean growth projects.
To connect UKEF with overseas projects that have long-term and sustainable growth potential, UKEF has expanded its internationally based country representatives in Africa, South America, the Middle East and Asia, and is set to significantly increase this network in 2021.
Background
About UKEF
UK Export Finance is the UK’s export credit agency. It exists to ensure that no viable UK export lacks for finance or insurance from the private market, providing finance and insurance to help exporters win, fulfil and get paid for export contracts.